MIRA INFORM REPORT
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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO HANXIANGZI FOOD CO., LTD. |
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Registered Office : |
West Of Xingjiang Road, Jiaobei Town, Jiaozhou
City, Qingdao, Shandong Province 226300 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.05.1997 |
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Com. Reg. No.: |
370281228003346 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
pre-packaged foods |
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No. of Employees
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15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
qingdao hanxiangzi food co., ltd.
west of xingjiang
road, jiaobei town, jiaozhou city
qingdao, shandong
province 226300 PR CHINA
TEL: 86 (0)
532-88277385
FAX: 86 (0)
532-82293669
EXECUTIVE SUMMARY
Date of Registration : may 27, 1997
REGISTRATION NO. : 370281228003346
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 600,000
staff : 15
BUSINESS CATEGORY : trading
Revenue :
CNY 2,374,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY -520,000 (AS OF DEC. 31, 2011)
WEBSITE : www.hxzfoods.com
E-MAIL :
jzfulin@yahoo.com.cn
PAYMENT : AVERAGE
Recommended Credit Limit: c.o.d.
MARKET CONDITION : fair
FINANCIAL CONDITION : poor
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE : CNY 6.31 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370281228003346 on May 27,
1997.
SC’s Organization Code Certificate No.:
70649891-2
SC’s registered capital: cny 600,000
SC’s paid-in capital: cny 600,000
Registration Change Record:
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Zufu |
66.67 |
|
Guo Kai |
33.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wang Zufu |
|
Supervisor |
Guo
Kai |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Zufu 66.67
Guo Kai 33.33
MANAGEMENT
Wang Zufu, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 1997 to present, working in SC as legal representative, chairman and general manager
Guo
Kai, Supervisor
------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes wholesale and
retail pre-packaged foods, bulk food; operating and acting as an agent of
importing and exporting various kinds of commodities and technology.
SC is
mainly engaged in selling pre-packaged foods.
SC’s products mainly include:
crushed pepper, chili powder, seasoning powder, chili sauce, chili oil, etc.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly Southeast Asia.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 15
staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
Basic Bank:
Agricultural
Bank of China Jiaozhou Sub-branch
AC#:
9559980242073042713
Jiaozhou Beiguan
Credit Cooperatives
AC#:
90207008020100047405
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
713 |
|
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Accounts
receivable |
19,943 |
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Advances to
suppliers |
2,010 |
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Other receivable |
3 |
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Inventory |
2,035 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
24,704 |
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Fixed assets |
748 |
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Construction in
progress |
122 |
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Intangible
assets |
0 |
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Long-term prepaid
expenses |
15 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
25,589 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
291 |
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Wages payable |
483 |
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Taxes payable |
108 |
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Advances from
clients |
74 |
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Other payable |
22,653 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
23,609 |
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Non-current
liabilities |
2,500 |
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------------------ |
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Total
liabilities |
26,109 |
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Equities |
-520 |
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------------------ |
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Total
liabilities & equities |
25,589 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
2,374 |
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Cost of sales |
2,146 |
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Sales expense |
16 |
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Management expense |
1 |
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Finance expense |
15 |
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Profit before
tax |
197 |
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Less: profit tax |
0 |
|
197 |
Important Ratios
=============
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As
of Dec. 31, 2011 |
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*Current ratio |
1.05 |
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*Quick ratio |
0.96 |
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*Liabilities
to assets |
1.02 |
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*Net profit
margin (%) |
8.30 |
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*Return on
total assets (%) |
0.77 |
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*Inventory /
Revenue ×365 |
313 days |
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*Accounts
receivable/ Revenue ×365 |
3,067 days |
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*
Revenue/Total assets |
0.09 |
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* Cost of sales
/ Revenue |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fair in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC has no short-term loans in 2011.
l
SC’s revenue is in a
poor level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with
poor financial conditions. The large amount of accounts receivable may
be a threat to SC’s financial condition. A credit
line at the above amount appears beyond SC’s capacities, great caution
is required in providing credit to SC and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.28 |
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UK Pound |
1 |
Rs.81.38 |
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Euro |
1 |
Rs.67.01 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.